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JD uses PMIC now instead of MOFO.
First day WIN!
- Thread starter WolfOfInsurance
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No but it’s even worse . With Chime, green dot etc they get their money 1-2 days early . So even if true ss billing on 3rd they get the money on 1st or 2nd . Honestly I walk from chime,green dot etc . It’s almost always a lapse . I’ve had better luck with direct monthly than those cards . I’ve actually had pretty good results with direct monthly but only because I use rarely . Mostly on people that have checking account but refuse to allow anyone to touch their checking account .
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For a couple of years I had all my GI commish deposited into my savings account so it would still be there if I got charged back due to an early death claim. However, very few of my chargebacks from GI business have been death related. More have been due to first year lapses, but even then I don’t lose many.
Auto drafted DE business isn’t usually a problem for me as long as the company does true SS billing. (I also happen to be a home service agent, so I write a lot of DE business as agent collected.) Most of my DE failed drafts are due to clients replacing lost or compromised cards without telling me. The problem with that is I don’t find out about it until the company notifies me. By then it’s usually too late to do much about it. So, if I’m writing GI on a card, I usually write Gerber since they only pay as earned, and don’t charge back for lapses.
The caution about overselling is really important! Especially on a prospect who’s reached senior age with no life insurance in place, you need to proceed very carefully. Ask questions like, “If your car breaks down, will you still be able to afford it?”. Better to place a smaller policy that will stick than to risk a first year lapse and chargeback.
When I’m talking to someone older than 50 who has no other life insurance, I’ll ask if they’ve had life insurance before, and what happened to that policy. Often you’ll discover that they’re “serial lapsers”. When that’s the case, my next question is, “How has your situation changed?” If it hasn’t really, I’ll often recommend what I call a “starter policy”, suggesting that we look at adding more coverage as their financial situation stabilizes.
Auto drafted DE business isn’t usually a problem for me as long as the company does true SS billing. (I also happen to be a home service agent, so I write a lot of DE business as agent collected.) Most of my DE failed drafts are due to clients replacing lost or compromised cards without telling me. The problem with that is I don’t find out about it until the company notifies me. By then it’s usually too late to do much about it. So, if I’m writing GI on a card, I usually write Gerber since they only pay as earned, and don’t charge back for lapses.
The caution about overselling is really important! Especially on a prospect who’s reached senior age with no life insurance in place, you need to proceed very carefully. Ask questions like, “If your car breaks down, will you still be able to afford it?”. Better to place a smaller policy that will stick than to risk a first year lapse and chargeback.
When I’m talking to someone older than 50 who has no other life insurance, I’ll ask if they’ve had life insurance before, and what happened to that policy. Often you’ll discover that they’re “serial lapsers”. When that’s the case, my next question is, “How has your situation changed?” If it hasn’t really, I’ll often recommend what I call a “starter policy”, suggesting that we look at adding more coverage as their financial situation stabilizes.
- 18,989
No. Only Direct Express is DE. Chime actually has a routing and account number too. DE is government issued and controlled. That's why it can't be garnished and the only way money gets on the card is by the government.
I'll edit to add, I think they are all junk cards. I won't write them. Only DE. And only true SS billing. I don't concern myself with SS billing usually. But I do on DE business.
As a rule I will not write direct monthly or any of the Metabank, Chime, GreenDot, etc cards.
I have broken the rule but it's rare. And only for kids of clients or referrals. I will not write one of them from a lead card and this is the first time meeting them. I find out very early in my presentation if they have a bank account or DE. If neither then I'm outta there pretty quickly.
I prefer to not deal with the DE. And I don't often.
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Chargebacks can be an issue for new agents. As you write more business, chargebacks won't bother you so much.
But in general, AIG DE is not good business. But you're probably not in a position to walk away from a buying customer. I'd definitely advise to write those. They're as earned, if they fall of, no biggie.
DE payors are mostly fine, as long as you utilize true SS Billing. But of course, they fall off more often than EFT folks.
Agreed, regarding chime, metabank, and prepaid cards. I walk away from those almost every time. Recently, I made an exception, because I was replacing a policy they'd had for over a year. Figured maybe they're better at paying their policies than typical Chime payors.
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WolfOfInsurance
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Higher Commissions and Chargeback stipulations are more relaxed.
- 24,978
Does AIG still prohibit separate owner insured?
If so how do you as an agent handle that in the tpical FE market place?
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- #40
WolfOfInsurance
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I just signed on with them today. I think I’ll just drop AIG then. Thanks
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