Dropping Settlers Due to Changes?

[NSRH]

Yes, but in a competitive final expense market you also need to be within a reasonable premium asked to avoid being replaced. I recently ran into an American amicable case your organization sold and the guy replaced it with Mutual of Omaha about three months later.

Replacements do happen, and rates do play a factor in that. But what plays the bigger factor is when a carrier cant even draft on the correct day.

 

[Baseball7]

I have a hard time sometimes blaming the carrier for when they draft when it's really the grown adult responsibility to keep the money allocated toward insurance. I know it's final expense and I know we have to get the money first but If the person is that irrresponsible are they going to keep the policy for 10-15 years?

 

[NSRH]

I have a hard time sometimes blaming the carrier for when they draft when it's really the grown adult responsibility to keep the money allocated toward insurance. I know it's final expense and I know we have to get the money first but If the person is that irrresponsible are they going to keep the policy for 10-15 years?

You may have a hard time with it, but it costs you money when multi-million dollar companies cant simply do what they say they'll do. Like draft on the right date.

If they cant get that right, who cares how cheap the premium is?

 

[HoosierLife]

I have a hard time sometimes blaming the carrier for when they draft when it's really the grown adult responsibility to keep the money allocated toward insurance. I know it's final expense and I know we have to get the money first but If the person is that irrresponsible are they going to keep the policy for 10-15 years?

I just want them to at least keep it for 1 year. The carriers want them to keep it on the books for 5. I think 7 years is the average.

Ramiz is right. The carriers need to take out the money on the specified date. I love/hate Trans as much as the next guy, but their SSBA form kept me at a 90%+ persistency after 13 months.

That's working the ghettos of Indianapolis where 30% of my biz is Direct Express.

Taking the money out on the EXACT day their deposit comes in is CRUCIAL.

 

[Baseball7]

Wouldn't you say it's still a minority of the companies that do Social Security draft dates let alone TRUE Social Security billing? That either means majority of the industry is behind the times or a majority of industry still expects the client to have some degree of responsibility.

 

[NSRH]

Wouldn't you say it's still a minority of the companies that do Social Security draft dates let alone TRUE Social Security billing? That either means majority of the industry is behind the times or a majority of industry still expects the client to have some degree of responsibility.

The majority of the industry is behind the times. Final expense has always been last at evolving. Carriers are just now creating electronic apps. ITS 2018!

There are people who literally get pre-approved for mortgages and send in supporting documentation before even speaking with a rep. Heck, even the FE clientele is using mail order or the internet to get their prescriptions filled.

Meanwhile, many FE agents are knocking doors and using erasable ink to fill out paper applications.

 

[FinalExpenseDojo.com]

The majority of the industry is behind the times. Final expense has always been last at evolving. Carriers are just now creating electronic apps. ITS 2018!

There are people who literally get pre-approved for mortgages and send in supporting documentation before even speaking with a rep. Heck, even the FE clientele is using mail order or the internet to get their prescriptions filled.

Meanwhile, many FE agents are knocking doors and using erasable ink to fill out paper applications.