Disability IMO suggestion

[SRee973]

Looking for a suggestion on a disability IMO.

This is for regular DI (personal, business overhead, etc.) as well as high-limit DI through Lloyds.

I've seen:

- Disability Insurance Services - diservices.com
- The Plus Group - plusgroupus.com (don't know if they have access to Lloyds on their own or through Petersen)
- Petersen International - piu.org (I believe they are just for specialty risks, like high-limit DI)​

Any reviews of the IMOs above?
Any other IMO suggestions?

 

[DI Guy]

What are your expectations? Are you looking for leads?, access to many carriers?, back office support?

Have you used any of the above?
I am affiliated with Disability Insurance Services so I can answer your questions on that one.

Let me know how I can help.

 

[Tahoe Ray]

I'm affiliated with a plus group agency but what DI Guy said.

For Lloyd's, we use Petersen, RISK, and one other coverholder.

 

[SRee973]

What are your expectations? Are you looking for leads?, access to many carriers?, back office support?

Have you used any of the above?
I am affiliated with Disability Insurance Services so I can answer your questions on that one.

Let me know how I can help.

I'm affiliated with a plus group agency but what DI Guy said.

For Lloyd's, we use Petersen, RISK, and one other coverholder.

I have not used any of the above, that's why I'm asking.

Not looking for leads.
Yes, access to all legitimate carriers, including Lloyds for high-limit.
Yes, some support so if I have questions I can call and speak to someone who can help (case design, underwriting, etc.).
Obviously, a comparison quoting tool is important.
Some on-demand training as well.

All basic stuff an IMO should offer, really.

I was leaning towards DIS for regular and Petersen for high-limit.
Then I saw the Plus Group, so I'm trying to differentiate between them and DIS.

 

[Tahoe Ray]

I have not used any of the above, that's why I'm asking.

Not looking for leads.
Yes, access to all legitimate carriers, including Lloyds for high-limit.
Yes, some support so if I have questions I can call and speak to someone who can help (case design, underwriting, etc.).
Obviously, a comparison quoting tool is important.
Some on-demand training as well.

All basic stuff an IMO should offer, really.

I was leaning towards DIS for regular and Petersen for high-limit.
Then I saw the Plus Group, so I'm trying to differentiate between them and DIS.

Any decent brokerage will do all of that for you (except for the comparison tool).

I've never worked with DIS but I'm sure that they're great. I would make a few calls and see who you're most comfortable with after speaking with each.

Are you trying to cross-sell an existing book of another product or are you going to be marketing it cold?

I'm just curious as to why you're specifically looking for a DI shop.

Regardless, you'll probably have a few products outside the IMO as well (Guardian, Mass, Ohio National, Ameritas).

Frankly, I just use the carrier sales desk when I need something. I'm very happy with the service that I get through my brokerage but once you know what you're doing, it can be faster going direct to the carriers.

 

[SRee973]

Any decent brokerage will do all of that for you (except for the comparison tool).

I've never worked with DIS but I'm sure that they're great. I would make a few calls and see who you're most comfortable with after speaking with each.

Are you trying to cross-sell an existing book of another product or are you going to be marketing it cold?

I'm just curious as to why you're specifically looking for a DI shop.

Regardless, you'll probably have a few products outside the IMO as well (Guardian, Mass, Ohio National, Ameritas).

Frankly, I just use the carrier sales desk when I need something. I'm very happy with the service that I get through my brokerage but once you know what you're doing, it can be faster going direct to the carriers.

Maybe "comparison" was the wrong word; a quoting tool is what I meant.

Both: existing clients and new business.

The IMO I have other contracts with has a few disability carriers, but it doesn't seem like my IMO is focused on disability. So, I figure that going to a niche DI IMO is best.

Regarding Guardian, Mass, Ohio National, Ameritas... you mean that even the DI IMOs don't have those carriers and you have to contract direct?

 

[SRee973]

By the way...

I have a 66 year old male who needs DI. I'm not sure it's possible at his age.

Any of the normal carriers?
Maybe Lloyds?

He's about to be 67. He's a doctor (ObGyn).

Health is fine. He was just approved for $800K for term life at Preferred Best rating ($400K for 10 yrs, $400K for 15 years).

I know it'll be pricey and the DI benefit period would be short (maybe a few years).

$10K/month benefit is desired, although anything at this point would be better than nothing.

He's already receiving SS benefits (if that matters).

His policy of $10K/month (benefit) ran out (was canceled) when he turned 65 or 66 (I forget which).

Any suggestions?

 

[Tahoe Ray]

Maybe "comparison" was the wrong word; a quoting tool is what I meant.

Both: existing clients and new business.

The IMO I have other contracts with has a few disability carriers, but it doesn't seem like my IMO is focused on disability. So, I figure that going to a niche DI IMO is best.

Regarding Guardian, Mass, Ohio National, Ameritas... you mean that even the DI IMOs don't have those carriers and you have to contract direct?

They may have those carriers but often you can get the same or better deal going direct to the brokerage manager of those companies.

Also, DI IMOs are going to have more override built into the products that are actually built for brokerage so even if they have them, they're probably not at the top of the recommended list.

Regarding your doctor, why don't you use this as a test case and see which IMO seems to be a good fit for you.

Btw, that's a Lloyd's case due to age. Depending on the carrier, 60-65 is normally the cutoff for IDI.

 

[DI Guy]

Regarding your doctor, why don't you use this as a test case and see which IMO seems to be a good fit for you.

This ^

Tahoe Ray's idea is probably the best, try both of the ones mentioned so far and see which is the better fit. Also, Tahoe Ray's right about the Lloyd's due to the client's age. While DIS uses Petersen's for Lloyd's, such a specialty case may not be a good 'test case'. Also, hopefully you will like our comparison tool.

Perhaps get quotes on yourself from the two and compare the results and experience?

Either way, IDI is an excellent addition to your product line.

 

[SRee973]

They may have those carriers but often you can get the same or better deal going direct to the brokerage manager of those companies.

Also, DI IMOs are going to have more override built into the products that are actually built for brokerage so even if they have them, they're probably not at the top of the recommended list.

Regarding your doctor, why don't you use this as a test case and see which IMO seems to be a good fit for you.

Btw, that's a Lloyd's case due to age. Depending on the carrier, 60-65 is normally the cutoff for IDI.

Ok thanks.