Columbian Not So Guaranteed- Guaranteed Issue

[rousemark]

Why would you put guaranteed issue at the top of the app. To me the wording at the bottom is just as bad as the fine print on the "AARP" NY life policies that no one reads that tells them they will be charged more and the policy will end when they turn 80

It is guaranteed issue.. if you send the app in they will issue it and they will pay the claims.. They cannot contest it because they ask no health questions of the client. They do ask the agents to use reasonable discretion as to whom they offer the coverage, but if the agent fails to do so, it won't affect the client in any way but they may decide they don't need that agent anymore.

It is just like a company I had that had a GI plan back in the beginning of the AID's epidemic, when a diagnosis of AIDs was an absolute death sentence.. The company sent out a memo stating that the policy was not designed to be written on people with AIDs or who were confined at the time of the application. That didn't change the fact that the plan was GI but they were asking agents to give them a reasonable shot at having a profitable product. Several agents continued to go to hospitals, nursing homes, etc and take apps.. The company ended up pulling the product but they never failed to pay a claim that was made on the plan.

 

[indiana260]

Why would you put guaranteed issue at the top of the app. To me the wording at the bottom is just as bad as the fine print on the "AARP" NY life policies that no one reads that tells them they will be charged more and the policy will end when they turn 80

Why would you advertise GI if you have have these knock out situations? I am not wondering why thestate approved this app. It is clearly misleading.

 

[WinoBlues]

Why would you advertise GI if you have have these knock out situations? I am not wondering why thestate approved this app. It is clearly misleading.

It is not a knock out. I don't have an app in front of me, but seem to remember that the client signs above that wording.

Do you have other options for us or should I drop asking? Serious question. Most of the agents here offer help with zero expectation of getting anything in return. I believe it is in good form to do the same.

Lee

 

[goillini52]

I just looked at the Colombian rate card for their "GI" plan: it states right at the top:

There are no health questions for this plan.
This plan is not intended for individuals who are
confined at home, to a hospital, hospice, clinic,
assisted living, nursing home, or convalescent home,
have a terminal illness, or abuse intravenous drugs.
If you have knowledge of the above, do not
continue writing the application.

Seems to me, they could not be more up front about their intent for the plan so I don't know a person could not trust them because of this..

Are their rates better than a true GI?

 

[WinoBlues]

Are their rates better than a true GI?

I find that they are age 25 to 40.

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Are their rates better than a true GI?

I think Vantis is going to be hard to beat on price. Not a fan of the charge back wording, but I understand it.

 

[goillini52]

I find that they are age 25 to 40.

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I think Vantis is going to be hard to beat on price. Not a fan of the charge back wording, but I understand it.

Ok, thanks. I was just wondering what the advantage would be to using them. I'd be leery about the wording they use as far as being a true GI. So, Columbian doesn't have the chargeback if they die in the 1st year like GI's do?

 

[indiana260]

You said you had other options for those, could you share those with us? I would like options for more than the $10,000.00.

Thanks in advance.

Lee

Sorry for the confusion. I was being sarcastic on the other options. What I meant was I have other options for people under 40. I did more mean those that have serious illnesses. If you read my earlier posts I said the search has begun. I meant for a carrier that will cover those folks.

I do like Newbies idea of simply writing preneed. I have Forethought and did have Columbian but they are in the dog house for the GI issue and they have requested some amendments that caused some grief with a couple of our agents.

 

[WinoBlues]

Ok, thanks. I was just wondering what the advantage would be to using them. I'd be leery about the wording they use as far as being a true GI. So, Columbian doesn't have the chargeback if they die in the 1st year like GI's do?

I really do not remember what the charge back is. I should check, but it has not been an issue for me.

Like a lot of agents I do write ROP and probably like most I am picky on who I write. I have had 1die 1die under 2 years. That was a Vantis policy like wrote off a forum referral. I have had more fully underwritten, issued preferred, people die in the contestabilty period. Last one was $250,000.00

Like JD, I refer some to MoO.


Lee

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Sorry for the confusion. I was being sarcastic on the other options. What I meant was I have other options for people under 40. I did more mean those that have serious illnesses. If you read my earlier posts I said the search has begun. I meant for a carrier that will cover those folks.

I do like Newbies idea of simply writing preneed. I have Forethought and did have Columbian but they are in the dog house for the GI issue and they have requested some amendments that caused some grief with a couple of our agents.

Got it.

If you find a replacement for the MDO let us know. I will continue to us them if they benefit my clientsand me. But they are just a company to me.

I think it was Newby that suggested people find a loc al pre-teen agent. I did that. But would refer pre-need to him in a heartbeat. I just do not want to learn it. To old I guess.

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Ok, thanks. I was just wondering what the advantage would be to using them. I'd be leery about the wording they use as far as being a true GI. So, Columbian doesn't have the chargeback if they die in the 1st year like GI's do?

On the wording, some companies call their modified graded. Just have to read the app and agent guide. I pull up the Gerber, Vantis and Kemper guides and see if there is aany "not ment to be sold to" statements. Would not surprise me if they did not want us prospecting nursing homes.

I do not buy leads so I have more control over who I write.

Lee

 

[goillini52]

I really do not remember what the charge back is. I should check, but it has not been an issue for me.

Like a lot of agents I do write ROP and probably like most I am picky on who I write. I have had 1die 1die under 2 years. That was a Vantis policy like wrote off a forum referral. I have had more fully underwritten, issued preferred, people die in the contestabilty period. Last one was $250,000.00

Like JD, I refer some to MoO.


Lee

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Got it.

If you find a replacement for the MDO let us know. I will continue to us them if they benefit my clientsand me. But they are just a company to me.

I think it was Newby that suggested people find a loc al pre-teen agent. I did that. But would refer pre-need to him in a heartbeat. I just do not want to learn it. To old I guess.

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On the wording, some companies call their modified graded. Just have to read the app and agent guide. I pull up the Gerber, Vantis and Kemper guides and see if there is aany "not ment to be sold to" statements. Would not surprise me if they did not want us prospecting nursing homes.

I do not buy leads so I have more control over who I write.

Lee

Hahahaha...I thought you had to be 18 to get an insurance license.

 

[WinoBlues]

Hahahaha...I thought you had to be 18 to get an insurance license.

Well, I did get the advise from Newby.

Combination of touchy phone and auto correct.