Chargebacks with these 2

[Funguy]

Hey guys,

I was wondering if you could share some of your views/ experiences with charge-backs when

1) Selling Final Expense/Life Insurance products to people without a checking account?

2) Selling Guaranteed Issue Products ?

Sincerely,

Funguy

 

[JimmyUt]

Hey guys,

I was wondering if you could share some of your views/ experiences with charge-backs when

1) Selling Final Expense/Life Insurance products to people without a checking account?

2) Selling Guaranteed Issue Products ?

Sincerely,

Funguy

My experience has been that charge backs are much higher with direct bill (they should have direct express if on social security)

I won't sell GI products because of charge back provisions, some of which are up to 2 years. There is plenty of business out there without this crap.

 

[TheleadJunkie]

Hey guys,

I was wondering if you could share some of your views/ experiences with charge-backs when

1) Selling Final Expense/Life Insurance products to people without a checking account?

2) Selling Guaranteed Issue Products ?

Sincerely,

Funguy

Stay away from direct bill. Average only about 50% stay on the books in 13 month. Then your in trouble with the Insurance company.

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Great! Looking forward to it. Must be 20 companies selling final expense today.

 

[deadhead]

How in the world do you get a chargeback on DB. It is as earned bidness. I don't mind GI.

 

[Tahoe Ray]

Hey guys,

I was wondering if you could share some of your views/ experiences with charge-backs when

1) Selling Final Expense/Life Insurance products to people without a checking account?

2) Selling Guaranteed Issue Products ?

Sincerely,

Funguy

I don't sell FE (except for some GI) but have some experience with chargebacks as I sell a decent amount of ROP annuities/life products.

Set up a separate bank account for potential chargeback biz. Keep a spreadsheet as to when your commissions come "free" from potential chargebacks. Then sweep those funds to your agency account...

No stress, no mess.

 

[Iwillpay]

I don't sell FE (except for some GI) but have some experience with chargebacks as I sell a decent amount of ROP annuities/life products.

Set up a separate bank account for potential chargeback biz. Keep a spreadsheet as to when your commissions come "free" from potential chargebacks. Then sweep those funds to your agency account...

No stress, no mess.

Thats the way I see it as simple as that. I am not going to walk away from GI business write it and administer it and money will come your way.

 

[JimmyUt]

How in the world do you get a chargeback on DB. It is as earned bidness. I don't mind GI.

Some of these companies have up top a 2 year charge back provision, whether advanced or direct bill

 

[TwiLight]

Stay away from direct bill....lousy stick ratios....

If you sell GI, make sure you only have a 1 year Chargeback like the Kemper product.

Otherwise pass on it and tell them to go to the MOO website.