New agent with Final Expense questions

[theinsuranceman]

They've told me they do mib and rx check. Death in two years requires aps fron dr. Not another MIB check as that would do nothing with the medical information

Last year they did MIB's only on $20,001 and higher face amounts before issue. Now they only do RX check on all face amounts.

 

[theinsuranceman]

Also the super-preferred will go down to age 0 in mid August! This will do nothing but improve persistency on the younger folks. And with life time renewals that's another small boost in agents' incomes with no additional work or time invested.

 

[Mattschmidt]

Last year they did MIB's only on $20,001 and higher face amounts before issue. Now they only do RX check on all face amounts.

Well home office mislead me. And when we do application 20K or below, we have to read MIB disclosure. So if you're not doing a MIB check, you wouldn't read the disclosure and have clients give authorization for it.

 

[Mattschmidt]

Also the super-preferred will go down to age 0 in mid August! This will do nothing but improve persistency on the younger folks. And with life time renewals that's another small boost in agents' incomes with no additional work or time invested.

Renewals only for clients who take out Legacy assurance. Not every client needs that so agents don't always get renewals. Please disclose this when posting on public forums.

Thank you

 

[NSRH]

No responsible carrier would contest a claim based on MIB alone. That information is minimal. They would order an APS.

 

[Todd King]

No responsible carrier would contest a claim based on MIB alone. That information is minimal. They would order an APS.

I think you are using the verbiage wrong. If the company ran a MIB check and found something of interest, they sure would "contest" at that point. They might pull an APS to either "approve" or "deny" the claim. Contesting the claim is just looking into it further. It is not a decision.

 

[NSRH]

I think you are using the verbiage wrong. If the company ran a MIB check and found something of interest, they sure would "contest" at that point. They might pull an APS to either "approve" or "deny" the claim. Contesting the claim is just looking into it further. It is not a decision.

To be clear. Any death within 24 months will be contested (except for an accident). A responsible carrier would pull an APS to approve or deny the claim, they wouldnt use the MIB to do so.

They would however, pull the MIB 23 months within a policy to rescind and leave a client uninsured.

 

[Mattschmidt]

To be clear. Any death within 24 months will be contested (except for an accident). A responsible carrier would pull an APS to approve or deny the claim, they wouldnt use the MIB to do so.

They would however, pull the MIB 23 months within a policy to rescind and leave a client uninsured.

I thought this is what the may do as well.

To tell the client a MIB check will only be done at time of death is misleading in my opinion.

If you ask for mib authorization at time of application I'd guess a company would do this type of background check at some point before death

 

[Mattschmidt]

To be clear. Any death within 24 months will be contested (except for an accident). A responsible carrier would pull an APS to approve or deny the claim, they wouldnt use the MIB to do so.

They would however, pull the MIB 23 months within a policy to rescind and leave a client uninsured.

I thought this is what the may do as well.

To tell the client a MIB check will only be done at time of death is misleading in my opinion.

If you ask for mib authorization at time of application I'd guess a company would do this type of background check at some point before death

 

[Todd King]

To be clear. Any death within 24 months will be contested (except for an accident). A responsible carrier would pull an APS to approve or deny the claim, they wouldnt use the MIB to do so.

They would however, pull the MIB 23 months within a policy to rescind and leave a client uninsured.

Okay, I just wanted to make sure you understood this.