Only guaranteed due to oxygen

[DonP]

I stay away from people on oxygen especially ones rolling a tank around. Had bad luck with early claims and chargebacks . I'm very cautious on writing GI. Direct them to the funeral home or Moo.

 

[Todd King]

I stay away from people on oxygen especially ones rolling a tank around. Had bad luck with early claims and chargebacks . I'm very cautious on writing GI. Direct them to the funeral home or Moo.

I've had a few agents that are leery of writing GI because of chargebacks. So I just simply ask them....when is the last time you actually lost money because of this? Of course, the answer is NEVER!

 

[Lawsonhj1]

Might be a preneed option had one of mine on oxygen recently passed away in 11 month good thing full charge back non accidental death for only six months after 11 months I was able to keep approximately 85% of commission. She had a special needs son also passed away 11 month two weeks apart. Preneeds are all limited pays at that age up to 10 years starting year 2 pays 70% of face. I have another carrier if pays 35% of face after 6 months and 70% starting year 2. Depending on how much coverage they are looking for might be an option or at least partial solution.

 

[jerryrut]

The

Might be a preneed option had one of mine on oxygen recently passed away in 11 month good thing full charge back non accidental death for only six months after 11 months I was able to keep approximately 85% of commission. She had a special needs son also passed away 11 month two weeks apart. Preneeds are all limited pays at that age up to 10 years starting year 2 pays 70% of face. I have another carrier if pays 35% of face after 6 months and 70% starting year 2. Depending on how much coverage they are looking for might be an option or at least partial solution.

Are you talking about preneed or GI FE?

 

[goillini52]

I stay away from people on oxygen especially ones rolling a tank around.

How about if they have the little portable concentrater that they can wear over there shoulder?

 

[DonP]

Todd you might not lose money but it sucks to have to give it back. The best out there for GI is Great Western with only a 9 month chargeback for death. They sent an email out 6 months ago saying they watch agents lose ratio. They said if it'shigh they'll terminate you.I was looking at Sons of Norway's Gi rates which are in line with Moo. I have no idea How Sons will make money with so much adverse business coming their way. I believe they're a fraternal which means they can raise rates.

 

[Lawsonhj1]

The


Are you talking about preneed or GI FE?

I was suggesting it could be a preneed product which can also be used as preneed or final expense. The preneed product would still be guaranteed issue without the full two year wait of Gerber. I'm just thinking if health "so bad" they need guaranteed issue I prefer a shorter charge back period if possible and 7 months to a year I keep money and 13 months I keep it all sounds better than a two year death charge back period with Gerber /AIG. To compare other pros'/cons we would need more info.

 

[Todd King]

Todd you might not lose money but it sucks to have to give it back. The best out there for GI is Great Western with only a 9 month chargeback for death. They sent an email out 6 months ago saying they watch agents lose ratio. They said if it'shigh they'll terminate you.I was looking at Sons of Norway's Gi rates which are in line with Moo. I have no idea How Sons will make money with so much adverse business coming their way. I believe they're a fraternal which means they can raise rates.

Sure it sucks to give it back, but it also sucks to not write anything and not make any money at all. My point is that if you write them, you will still come out ahead in the end.

 

[Todd King]

I was suggesting it could be a preneed product which can also be used as preneed or final expense. The preneed product would still be guaranteed issue without the full two year wait of Gerber. I'm just thinking if health "so bad" they need guaranteed issue I prefer a shorter charge back period if possible and 7 months to a year I keep money and 13 months I keep it all sounds better than a two year death charge back period with Gerber /AIG. To compare other pros'/cons we would need more info.

AIG is not like Gerber when it comes to chargebacks.

AIG chargeback for lapses is 25% for first 6 months and 0% after
AIG chargeback for death is 100% for months 1-12 and 50% for months 13-24

 

[goillini52]

Sure it sucks to give it back, but it also sucks to not write anything and not make any money at all. My point is that if you write them, you will still come out ahead in the end.

Yep, you're already there. You've already spent the time. A GI policy takes no time to write and I'll bet more than half live past 2 years. What have you got to lose?